Mergers & Acquisitions ·
Foghorn cuts workforce by about 40% to 65 employees after ending Eli Lilly collaboration, discontinuing SMARCA2 program
FHTXFoghorn Therapeutics Inc.
Foghorn Therapeutics and Eli Lilly decided not to advance the Phase 1 trial of FHD-909 into the expansion phase due to insufficient efficacy, ending their collaboration. The company also discontinued its Selective SMARCA2 degrader program. Consequently, Foghorn approved a strategic reprioritization involving an approximately 40% workforce reduction, leaving about 65 full-time employees by the fourth quarter of 2026. This restructuring is expected to incur $2.3 million in severance charges and extend the company's cash runway into the second half of 2029. Resources will focus on proprietary programs including selective EP300 and CBP degraders, an immunology asset, and an induced proximity platform. Foghorn Therapeutics Inc. is a biotechnology company developing medicines targeting the chromatin regulatory system for oncology and inflammation.